Yep. The usual culprit is the seal in the valve. Whether it's an o-ring, a wiper, or just the brass becoming worn, they do eventually leak in most cases.
Of course, it could be a leaking hose at one of the fittings and the gas is just seeping around the bits, but if from the shaft itself, you'll either have to fix or replace the valve.
Has the Bronco been sitting for an extended period? Do you know if it's the original valve?
These things will start to leak anywhere from about 3 to 4 years old, to more than 15 years (mine), but sitting will let rubber-type things dry out and is a common issue.
Things like fuel lines, seals, gaskets, anything that ever sat in oil, gas or water, but was then left to sit unused for an extended period, or just got old, will start to leak on a 36 year old truck.
Good luck. You can still buy the valves (
http://www.wildhorses4x4.com/product/Fuel_Tank_Selector_Valve), or you can probably disassemble it and find out if you just need a properly sized o-ring, or if the mating surfaces are still good.
When mine finally went out, I just replaced it with a motorized electrical valve and used the dash switch for the gauges to activate it.
Paul